Macy's reports $177M profit - stock hits new high

1:05 PM,
Nov. 13, 2013

Macy's in downtown Cincinnati

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Macy's Inc. reported on Wednesday a $177 million profit for the third quarter - up 22.1 percent from last year, beating Wall Street expectations.

Macy's stock jumped to a new all-time high as $50.90 - up 9.9 percent - in early trading.

The strong results and the Cincinnati-based retailer's optimism sparked hope that consumer spending would revive during the make-or-break holiday season. Such a move would enrich retailers, but also send a jolt to the U.S. economy. ...